Virtual Economy Booming for 2010

While the RL economy may be stuck in the doldrums, the world’s virtual economies are booming, especially in the US and Asia. A recent BBC article indicates many companies are thriving by selling virtual items in their online gaming environments, with more companies than ever hitting it big. The article highlights Playfish, which has a player base of 61 million people on their 11 games, in which players can purchase virtual items for enhanced online gaming experiences.

Crucial to its success is the sale of virtual goods, ranging from furniture for your pet to menu items for your own restaurant in games like Pet Society and Restaurant City.

Lots of money is changing hands. One of the most prominent venues for casual games is Facebook. The social aspect of playing games leads to lots of hits, and lots of money.

About two thirds of the top 15 applications on Facebook are games, according to analytics firm AppData. Those ten games are said to draw more than 100 million users a month.

Earlier in December, one of the biggest social gaming companies, Zynga, sold a stake in the firm to Russia’s Digital Sky Technologies for $180m (£113m).

And in November, Electronic Arts, agreed to buy Playfish in a $400m deal (£251m).

Proof of how successful the virtual goods business has become is evident in moves by Facebook itself to test a payment system to get a cut each time an online-game player buys a digital tractor or pair of flip flops.

Via Kapp Notes.

References:
Shiels, M. (2009, December 29). The US virtual economy is set to make billions. BBC News. [Online.] Available: http://news.bbc.co.uk/2/hi/technology/8425623.stm